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The FxPro Analyst Team

Forex: GBPUSD tests Support on lower than expected UK Inflation Numbers

UK inflation data was released earlier, CPI and Core CPI (YoY) for August were both in line with previous figures, yet slightly lower-than-expected. PPI–Input and PPI–output (YoY) for August were higher than the previous figures, yet lower-than-expected.

GBPUSD fell and broke the significant support line at 1.3300.

The price zone between 1.3300 and 1.3330 is a major resistance zone where the downtrend line resistance situates. The selling pressure is heavy in this prize zone.
The current price is testing the downside uptrend support line at 1.3255, if it is confirmed broken, the next target is 1.3230, followed by 1.3200.

The resistance level is at 1.3300, followed by 1.3330 and 1.3370.
The support line is at 1.3270, followed by 1.3255, 1.3230 and 1.3200.

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EURGBP broke the uptrend line channel0 on 1st September, as Sterling strengthened, then rebounded after testing the support level at 0.8350.

This morning released the Eurozone ZEW Economic Sentiment for September was better than the previous figure. German ZEW Economic Sentiment was in line with the previous figure, yet lower-than-expected, indicating the German economic growth may slowdown.

EURGBP rallied and tested the resistance level at 0.8465. The current trading pattern is in a range between 0.8420 and 0.8500.

The major resistance level is at 0.8500, where also the uptrend line resistance situates, indicating heavy selling pressure.
The daily Stochastic Oscillator is above 70, suggesting a retracement.

The resistance level is at 0.8465, followed by 0.8500 and 0.8513.
The support line is at 0.8420, followed by 0.8350 and 0.8300.

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AUDUSD has turned bearish since 7th September, as the dollar weakened. Yet the price has reached the significant support zone between the support level at 0.7500 and the uptrend line support at 0.7527.
In addition, the daily time frame Stochastic Oscillator is at a low level, suggesting an upcoming rebound.

The upside selling pressure is heavy as it is trading below all the 8, 20 and 50 moving averages.

The resistance zone is between 0.7570 to 0.7600, followed by 0.7630.
The support line is at the uptrend line support at 0.7527, followed by 0.7500 and 0.7450.

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